wales v greece

In terms of economic contribution to their respective monetary unions, both Wales and Greece are roughly equal, packing a fairly weak punch of about 3 percent. Both are heavily dependent on public spending. Wales is even poorer than Greece, generating a gross domestic product equal to $23,100 per person, compared with Greece’s G.D.P. of $26,900 per person.

Despite the similar economic profiles, Britain is far more generous with Wales than the European Union is with Greece. Compared with the nearly $23 billion in funds London sends to Wales every year, which is used to bolster local tax revenue and pay for services like health care and education, Greece receives on average about 2.9 billion euros a year in structural funds, or $3.7 billion, devoted mostly at specific development projects.

It is not just Wales that benefits from British transfers. In 2011, Wales, Scotland and Northern Ireland together received £54 billion, or $83.7 billion, a sum that is almost twice the level of British military spending.

The yearly transfer payments total about 3.5 percent of Britain’s G.D.P.

(via Instapaper)